Market Morning 10/1/10 $SPY $ES_F $SPX $YM_F $GLD $USO $USD

Always know what can make, (or more importantly) lose you money today.

So yesterday seemed to be a bit of a distribution day with a number of market leaders selling off on decent volume. The major indices escaped with out any major technical damage but if we continue to sell off today we may drop back into the summer trading range. So far it appears that things will open higher but we’ll have to wait and see if the sellers let it rise before pulling it back down as they did yesterday.

I’m raising some cash and closing some positions. Most are involuntary closings but that’s why we have stops inplace and some profits were taken off the table and losses cut short waiting to decide where we want to position ourselves for next leg.

I will work on a watch list this weekend and post it prior to Monday’s open. I’ll probably have some time on my hands because the Lions are playing Green Bay and since they haven’t won in Wisconsin since 1991 (I was a freshman in high school) luck isn’t on their side….neither are probabilities, statistics or fate cause they suck. Alright….enough of the depressing stuff…..